Core Viewpoint - The 2025 Financial Street Forum held in Beijing focuses on "Global Financial Development under Innovation, Transformation, and Restructuring," highlighting the importance of AI in enhancing the insurance value chain and promoting high-quality development in the financial sector [1][7]. Group 1: AI Application and Development - The company has entered the 3.0 stage of large-scale AI application, achieving 100% AI coverage in core scenarios across five key areas: marketing, service, operations, management, and business [1][2]. - The digital transformation strategy of the company is divided into three phases: online, data-driven, and intelligent, with a focus on AI in all aspects [2]. - The company has over 350 algorithm engineers and has built a scalable AI architecture to support rapid integration of new large models within a week [2]. Group 2: AI Safety Governance - The company emphasizes AI safety governance, establishing a comprehensive AI safety governance system that includes application safety, data security, model algorithm safety, and compliance operations [3]. - The guidance from the National Financial Regulatory Administration stresses the importance of trustworthy and responsible AI development to mitigate risks [3]. Group 3: AI Empowerment in Insurance - In the smart service domain, the company developed the "Eagle Eye" system, which integrates over 100 risk models and has provided disaster warning services, covering 1.3 billion people and issuing 47 billion warning messages during the "14th Five-Year Plan" period [4]. - The company has automated 90% of new car insurance policies using AI, reducing processing time from 6 minutes to 1.2 minutes [5]. - In the smart management area, the company has implemented a digital risk control system that significantly enhances fraud detection, with a total of 11.9 billion yuan intercepted in 2024 [5]. Group 4: Agricultural Insurance Innovation - The company utilizes AI for precise underwriting and claims in agricultural insurance, employing digital mapping and remote sensing technologies to enhance risk management throughout the insurance lifecycle [6]. - The company aims to contribute to high-quality development and modernization in China by continuously deepening the safe development and application of AI [6].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [2] Core Views - The report highlights a rebound in sales on a month-on-month basis, supported by policies aimed at improving housing conditions for residents [7] - The overall market performance is weak, with the Shenwan Real Estate Index declining by 3.52% compared to a 0.57% drop in the CSI 300 Index, resulting in a relative return of -2.95% [4][12] - The report emphasizes the importance of financially stable real estate companies, suggesting a focus on leading firms that can effectively navigate market fluctuations [7] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index decreased by 3.52%, while the CSI 300 Index fell by 0.57%, indicating underperformance of the sector relative to the broader market [4][12] Industry Fundamentals - For the week of January 9-15, 2026, the total number of new homes sold in 38 key cities was 21,770 units, reflecting a year-on-year decline of 14.7% but a month-on-month increase of 12.4%. The total area sold was 201.4 million square meters, down 25.3% year-on-year but up 12.8% month-on-month [5][22] - In the same week, the total number of second-hand homes sold in 16 key cities was 18,991 units, with a year-on-year decline of 11.5% and a month-on-month increase of 17.2%. The total area sold was 188 million square meters, down 11.6% year-on-year but up 18.3% month-on-month [5][40] Land Market Analysis - During the week of January 5-11, 2026, land supply was 2,198.8 million square meters, a year-on-year decrease of 2.6%, with an average supply price of 858 yuan per square meter, down 42% year-on-year. Land transactions totaled 1,503.1 million square meters, down 41.4% year-on-year, with a transaction value of 18.91 billion yuan, down 49.5% year-on-year [6] Investment Recommendations - The report suggests focusing on financially sound leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to perform well in the current policy environment [7]

Core Viewpoint - Financial Street's stock price has shown fluctuations with a recent increase of 2.17% on January 20, 2025, indicating potential investor interest despite a challenging revenue environment [1][2]. Group 1: Stock Performance - Financial Street's stock price increased by 2.91% year-to-date, with a 1.07% rise over the last five trading days and a 1.80% increase over the last 20 days, while it has decreased by 8.12% over the last 60 days [2]. - As of January 20, 2025, the stock was trading at 2.83 CNY per share, with a total market capitalization of 8.459 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Financial Street reported a revenue of 6.287 billion CNY, reflecting a year-on-year decrease of 46.21%, while the net profit attributable to shareholders was -1.350 billion CNY, showing a year-on-year increase of 48.39% [2]. - Cumulative cash dividends since the A-share listing amount to 10.981 billion CNY, with 44.8339 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of December 31, 2025, Financial Street had 71,000 shareholders, a decrease of 0.46% from the previous period, with an average of 42,100 circulating shares per shareholder, which increased by 0.46% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 31.2867 million shares, an increase of 9.9894 million shares from the previous period [3].

Core Insights - The launch of the "Financial Street" platform aims to document the practice of financial services in supporting the real economy, focusing on the intersection of finance and technology as a key area for innovation and development [2][3]. Group 1: Policy Framework and Strategic Importance - The Central Economic Work Conference emphasizes "innovation-driven development" as a critical strategy, positioning "innovative technology financial services" as a key deployment alongside other major tasks [3]. - The development of a comprehensive policy framework for technology finance is expected to enhance resource allocation and promote a virtuous cycle between technology, industry, and finance [3][5]. Group 2: Financial Support for Technology Development - Technology finance is expected to provide crucial support for cutting-edge technology research and development, with a focus on differentiated credit support policies and multi-level capital market construction [4][6]. - The financial system is evolving to better serve the lifecycle of technology enterprises, from inception to maturity, fostering a positive feedback loop between financial support and industrial growth [4][6]. Group 3: Challenges and Solutions in Technology Finance - Despite significant progress, challenges remain in the technology finance sector, including structural deficiencies in product supply and a lack of effective market mechanisms [7][9]. - Recommendations include enhancing risk-sharing mechanisms, improving information sharing platforms, and developing specialized financial products for early-stage technology companies [8][9]. Group 4: Future Trends in Technology Finance - The "14th Five-Year Plan" period is expected to see the establishment of a multi-layered ecological system that aligns with the entire lifecycle of technological innovation, promoting synergy with national strategic tasks and emerging industries [10][11]. - Trends indicate a deeper collaboration between policy-driven and market-oriented tools, enhancing the financial service system to support technology enterprises throughout their growth trajectories [10][11].

国联集团根植江苏无锡，成立于 1999 年，历经 26 年的创新发展，已拥有20 家一级子企业，构建全牌 照综合金融服务平台、能源纺织细分领域龙头实业经营平台和跨境联动股权投资平台。拥有国联民生、 华光环能、远程股份（维权） 3 家上市公司，总市值近1000 亿元，累计管理基金规模2900亿元，管理 金融资产规模超2.2 万亿。刚刚过去的 2025 年，国联集团圆满完成"十四五"收官， 总资产跨越两个千 亿台阶到 3200 亿元，净资产倍增到 860 亿元，年利润基本实现翻番到 45 亿元，平均经营性净资产收益 率 8.12%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 服务京津冀，聚力产业兴。1月17日，国联北京金融运营中心在北京西城区金融街正式启动运营。无锡 国联集团党委书记、董事局主席许可，党委副书记、总裁顾伟为中心揭牌，北京西城区政府、北京金融 街服务局、北京金融街街道办事处相关负责人出席启动仪式，国联集团在京企业主要负责人参加活动。 国联北京金融运营中心是国联集团2024年设立上海金融运营中心后的又一战略性运营中心，地处北京西 城区金融街核心区域，建筑面积约2万平方米 ...

（文章来源：新华财经） 《通知》共十三条，主要内容包括：一是明确概念定义及管理边界，重点规范境内金融机构向境内非金 融机构发放的以外币计价结算的贷款。二是进一步完善账户管理，明确国内外汇贷款的账户管理原则及 收支范围。三是进一步简化结、购汇管理，遵循实需、便利原则，如借款人确实无法按期收汇且无其他 外汇资金，可凭相关真实性证明材料直接到银行办理购汇偿还国内外汇贷款，由购汇经办银行进行真实 性、合规性审核。四是进一步明确国内外汇贷款资金用途管理。五是进一步明确贷款人数据报送要求， 强化事中事后监管。六是对于实际操作中可能出现的境内机构之间涉及外币的其他类型债权债务，如境 内融资租赁业务的外币计价结算、外汇质押人民币贷款业务，进一步明确相关管理原则。 新华财经北京1月16日电为进一步支持国内外汇贷款业务发展，促进贸易投融资便利化，提升服务实体 经济质效，国家外汇管理局起草了《国家外汇管理局关于进一步完善国内外汇贷款外汇管理有关事项的 通知（征求意见稿）》（以下简称《通知》），现向社会公开征求意见。 ...

Group 1 - The company stated that its inventory mainly consists of residential and public commercial properties that are expected to be sold in the future [1] - The properties are primarily distributed across five major urban agglomerations: Beijing-Tianjin-Hebei, Greater Bay Area, Yangtze River Delta, Chengdu-Chongqing, and the middle reaches of the Yangtze River [1]

Core Insights - The People's Bank of China reported that by the end of 2025, the total social financing scale reached 442.12 trillion yuan, marking an 8.3% year-on-year increase [1][2] Group 1: Social Financing Scale - The total social financing scale increased by 35.6 trillion yuan in 2025, which is 3.34 trillion yuan more than the previous year [4] - The balance of RMB loans to the real economy was 268.4 trillion yuan, reflecting a 6.3% year-on-year growth [2] - The balance of foreign currency loans to the real economy, converted to RMB, was 1.05 trillion yuan, showing an 18% decline [2] Group 2: Loan and Deposit Statistics - By the end of December, the balance of RMB loans was 271.91 trillion yuan, with a year-on-year growth of 6.4% [7] - The total increase in RMB loans for the year was 16.27 trillion yuan, with household loans increasing by 4.42 trillion yuan [7] - The total balance of deposits in RMB and foreign currencies was 336.14 trillion yuan, with a year-on-year increase of 9% [6] Group 3: Monetary Supply - The balance of broad money (M2) was 340.29 trillion yuan, reflecting an 8.5% year-on-year increase [5] - The balance of narrow money (M1) was 115.51 trillion yuan, with a year-on-year growth of 3.8% [5] - The cash in circulation (M0) reached 14.13 trillion yuan, marking a 10.2% year-on-year increase [5] Group 4: Foreign Exchange and Cross-Border Transactions - The foreign exchange reserves stood at 3.36 trillion USD by the end of December [9] - The total amount of cross-border RMB settlements under the current account was 17.86 trillion yuan in 2025 [9]

高力国际华北区研究部董事陆明指出："中关村24个甲级项目中，已有10个空置率低于5%。"这种火热行情的背后，是人工智能产业的集中爆发。戴德梁行 数据显示，过去五年TMT行业成交占比达45%，其中AI企业需求增速连续三年超30%。 导读：2025年北京写字楼市场呈现两极分化格局，中关村科技企业撑起半边天，金融街却遭遇租金滑铁卢。这背后藏着怎样的产业密码？答案来了。 一、冰与火的市场图景 仲量联行最新数据显示，2025年北京甲级写字楼市场呈现"西热东冷"的奇特景观。中关村子市场空置率骤降至12.8%，创下近五年新低；而金融街租金却跌 破400元/平方米心理关口，环比跌幅达6.1%。这种分化在第四季度愈发明显——中关村净吸纳量占全市总量的53%，金融街则持续面临央国企回迁带来的去 化压力。 科技企业的爆发式扩张成为最大变量。莱坊报告显示，字节跳动等头部企业在中关村连续拿下多个万方大单，仅鼎好大厦就贡献1.27万平方米成交量。与之 形成鲜明对比的是，金融街的银行、保险机构正加速撤回自持物业，长江证券等标志性案例更凸显行业收缩态势。 二、中关村的科技密码 四、未来赛道的分水岭 2026年将是关键转折点。据戴德梁行预测， ...

一、本期债券基本情况 1. 发行人：金融街控股股份有限公司 2. 债券名称：金融街控股股份有限公司 2025 年度第一期中期票据 证券代码：000402 证券简称：金融街 公告编号：2026-003 金融街控股股份有限公司 2025 年度第一期中期票据 2026 年付息公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没有 虚假记载、误导性陈述或者重大遗漏。 为保证金融街控股股份有限公司2025年度第一期中期票据2026年付息工作 的顺利进行，方便投资者及时领取付息资金，现将有关事宜公告如下： 3. 债券简称：25 金融街 MTN001 4. 债券代码：102580426 5. 发行总额：人民币 120,000 万元 6. 起息日：2025 年 1 月 21 日 7. 债券期限：3+2 年 9. 债项评级：AAA 10. 本计息期债券利率：2.45% 11. 付息日：存续期内每年的 1 月 21 日（如遇法定节假日或休息日，则顺 延至其后的第一个工作日，顺延期间不另计息） 12. 本期应偿付利息金额：人民币 2,940 万元 13. 主承销商：中信建投证券股份有限公司，渤海银行股份有限公司， ...